UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-41519 DMY SQUARED TECHNOLOGY GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) | Massachusetts | 88-0748933 | | --- | --- | | (State or Other Jurisdiction of | (I.R.S. Employer | | Incorporation or Organization) | Identificati ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36304 Phio Pharmaceuticals Corp. (Exact name of registrant as specified in its charter) Delaware 45-3215903 (State or ot ...

Financial Performance - For the three months ended March 31, 2025, net revenue was $13.1 million, compared to $13.0 million for the same period in 2024, reflecting a slight increase in revenue [187]. - For Q1 2025, Mustang reported a net revenue of $13.1 million, a 1% increase from $13.0 million in Q1 2024, including $2.0 million from the U.S. launch of Emrosi [206][207]. - The net loss attributable to Fortress decreased by 31% to $10.6 million in Q1 2025 from $15.4 million in Q1 2024 [206]. - Total other income (expense) decreased by $0.1 million, or 3%, from an expense of $2.5 million for the quarter ended March 31, 2024, to an expense of $2.4 million for the quarter ended March 31, 2025 [219]. - Net cash used in operating activities decreased by $5.8 million from $25.4 million for the three months ended March 31, 2024, to $19.6 million for the same period in 2025 [238]. - Net cash provided by financing activities was $27.9 million for the three months ended March 31, 2024, compared to $52.1 million for the same period in 2025, an increase of $24.3 million [241]. Research and Development - CAEL-101 is currently undergoing two global Phase 3 pivotal studies for AL amyloidosis, with topline data expected in the second half of 2025 [195]. - The FDA accepted the NDA for CUTX-101 (copper histidinate for Menkes disease) for priority review, with a target action date of September 30, 2025 [195]. - Triplex, a cytomegalovirus vaccine, is currently in a Phase 2 clinical trial with topline data anticipated in the third quarter of 2025 [190]. - The company is exploring a trial for MB-109 to treat patients with IL13Rα2+ recurrent GBM, potentially starting in Q1 2026 [195]. - Mustang is planning a proof-of-concept Phase 1 clinical trial for MB-106 in autoimmune diseases, potentially starting in Q1 2026 [203]. - Research and development expenses dropped by 84% to $3.9 million in Q1 2025, down from $24.8 million in Q1 2024, largely due to workforce reductions and the closure of the MB-106 clinical trial [212]. Expenses and Cost Management - Operating expenses decreased by 29% to $35.5 million in Q1 2025 from $49.6 million in Q1 2024, primarily due to an 84% reduction in research and development expenses [206]. - Selling, general and administrative expenses increased by 43% to $25.7 million in Q1 2025, driven by a $4.9 million increase at Checkpoint and a $2.1 million increase at Journey [215]. - Cost of goods sold decreased by 20% to $4.8 million in Q1 2025 from $6.0 million in Q1 2024, attributed to a change in product sales mix [208]. - Amortization of acquired intangible assets rose by 31% to $1.1 million in Q1 2025, influenced by the addition of the Emrosi asset [209]. Corporate Actions and Agreements - Checkpoint Therapeutics, Inc. entered into an agreement to be acquired by Sun Pharmaceutical Industries, Inc. for $4.10 per share in cash, with a contingent value right of up to $0.70 per share upon achieving EU approval [190]. - Fortress has established partnerships with leading institutions and companies, including AstraZeneca and Dr. Reddy's Laboratories, to enhance product development [183]. - Mustang executed a 1-for-50 reverse stock split in January 2025 to comply with Nasdaq listing requirements [203]. - Mustang exited its manufacturing facility lease in Worcester, Massachusetts, selling assets to AbbVie for $1.0 million in February 2025 [203]. Cash and Securities - As of March 31, 2025, the company had cash and cash equivalents of $91.3 million, with $19.5 million related to Fortress and private subsidiaries, $33.0 million to Checkpoint, $14.2 million to Mustang, $21.1 million to Journey, and $3.5 million to Avenue [222]. - The company reported an accumulated deficit of $751.5 million as of March 31, 2025, primarily due to R&D expenses and administrative costs [221]. - Net cash provided by investing activities increased by $1.2 million, attributed to Mustang's proceeds from the sale of held-for-sale assets [240]. - The company issued and sold approximately 0.5 million shares at an average price of $1.94 per share for gross proceeds of approximately $1.0 million under its at-the-market offering program during the three months ended March 31, 2025 [226]. - Journey issued and sold approximately 0.8 million shares of common stock for gross proceeds of $4.1 million under its at-the-market offering agreement during the same period [229]. - As of March 31, 2025, approximately $65.7 million of securities remain available for sale through Checkpoint's registration statement [230]. - Mustang closed on an equity offering in February 2025, raising approximately $6.8 million in net proceeds after deducting fees and expenses [234]. Regulatory and Compliance - Fortress is classified as a "smaller reporting company," with market value criteria affecting its reporting obligations [202]. - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures [244]. - There were no material changes in contractual obligations and commitments during the three months ended March 31, 2025 [243].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34475 OMEROS CORPORATION (Exact name of registrant as specified in its charter) Washington 91-1663741 (State ...

PEDEVCO Announces Q1 2025 Financial Results and Operations Update HOUSTON, TX / ACCESSWIRE / May 15, 2025 / PEDEVCO Corp. (NYSE American: PED) ("PEDEVCO" or the "Company"), an energy company engaged in the acquisition and development of strategic, high growth energy projects in the U.S., today announced its financial results for the three months ended March 31, 2025 and provided an operations update. Key Financial and Operational Highlights Include: EX-99.1 2 ped_ex991.htm EX-99.1 EXHIBIT 99.1 J. Douglas Sc ...

Financial Performance - For the three-month period ended March 31, 2025, the company reported net income of approximately $1.0 million and total revenue of approximately $48.9 million, compared to a net loss of $(1.6) million and total revenue of approximately $41.4 million for the same period in 2024, representing an 18.1% increase in total revenue [114][129]. - Gross profit for the three-month period ended March 31, 2025, was $8.6 million, an increase of 11% from $7.8 million for the same period in 2024 [118]. - EBITDA for the three-month period ended March 31, 2025, was $2.2 million, compared to $(0.0) million for the same period in 2024, indicating a significant improvement in operational earnings [121][129]. - Total expenses for the three-month period ended March 31, 2025, were $47.5 million, an increase of 11.3% from $42.9 million in 2024 [129]. - The net cash provided by operating activities increased by approximately $4.2 million or 134%, from a net cash used of $3.1 million in Q1 2024 to a net cash provided of $1.1 million in Q1 2025 [173]. Revenue Sources - Commission revenues increased by 19.6% to $41.1 million for the three-month period ended March 31, 2025, compared to $34.4 million in 2024 [129]. - Advisory fees rose by 21.7% to $6.9 million for the three-month period ended March 31, 2025, compared to $5.7 million in 2024 [129]. - Sales-based commission revenue increased by approximately $4.6 million or 29.5% for the three-month period ended March 31, 2025, compared to 2024 [134]. - Trailing commission revenue increased by approximately $2.1 million or 11.3% for the three-month period ended March 31, 2025, compared to 2024 [134]. - Total commission revenue for the three-month period ended March 31, 2025, was $41.1 million, representing a $6.7 million or 19.6% increase from 2024 [134]. Asset Management - Total advisory and brokerage assets served were $25.7 billion at March 31, 2025, an increase from $24.9 billion at March 31, 2024, with advisory assets growing by 12% to $2.5 billion [115][116]. - Brokerage assets as of March 31, 2025, were $23.2 billion, up from $22.7 billion in 2024 [135]. - Trail-eligible assets increased to $18.1 billion as of March 31, 2025, compared to $16.1 billion in 2024 [135]. - Advisory assets as of March 31, 2025, were $2.5 billion, up from $2.2 billion in 2024 [138]. - The company experienced net new advisory assets of $0.1 billion for the three-month period ended March 31, 2025, compared to $(0.1) billion for the same period in 2024, while net new brokerage assets were $(0.3) billion, an improvement from $(1.4) billion in 2024 [116][117]. Economic Environment - The U.S. economy contracted by 0.3% in the first quarter of 2025, marking the first decline in GDP since the first quarter of 2022, while the unemployment rate remained stable at 4.2% [126][127]. - The company operates in a challenging macroeconomic environment, with the S&P 500 declining by 4.4% during the first quarter of 2025 due to various economic headwinds [127]. Tax and Financial Ratios - The effective income tax rate for the three-month period ended March 31, 2025, was approximately 23%, compared to (7)% for the same period in 2024 [151]. - The payout rate to financial advisors increased to 78.21% for the three-month period ended March 31, 2025, from 76.78% in 2024 [143]. - BMS has a fixed charge coverage ratio requirement of at least 1.20 to 1.00 starting from the fiscal quarter ending March 31, 2025 [159]. - The senior net leverage ratio must not exceed 3.00 to 1.00 for the fiscal quarter ending March 31, 2025, and must not exceed 2.75 to 1.00 thereafter [159]. Debt and Financing - Interest expense decreased by $0.5 million for the three-month period ended March 31, 2025, due to repayment and restructuring of debt obligations [148]. - The total contractual obligations as of March 31, 2025, amount to $29.5 million, including long-term debt obligations of $19.8 million [176]. - The Company issued 1,500,000 shares of Series A Redeemable Convertible Preferred Stock at $9.60 per share, raising an aggregate of $14.4 million [161]. - The Company entered into a Subscription Agreement for 150,000 shares of Series B Convertible Preferred Stock at $10.00 per share, totaling $1.5 million [165]. - The outstanding amount of promissory notes to affiliates as of March 31, 2025, is approximately $5.3 million, with a maturity date of May 15, 2027 [172]. - The Company reported a net cash used in financing activities of approximately $0.7 million for Q1 2025, compared to cash provided of approximately $1.7 million in Q1 2024 [175]. Risk Management - The company has $19.7 million of outstanding debt subject to floating interest rate risk as of March 31, 2025 [190]. - The company does not believe that short-term changes in interest rates will materially impact net income due to offsetting interest rate risks [190]. - Credit risk is limited as the company routinely assesses the financial strength of its counterparties and establishes allowances for uncollectible accounts [191]. - The company recognizes liabilities for contingencies when potential losses are probable and can be reasonably estimated [187]. - Market risk arises from operational risk events and fees based on the market value of advisory and brokerage assets [189]. Accounting Policies - Recent accounting pronouncements are discussed in the notes to the condensed consolidated financial statements [188]. - Intangible assets with definite lives are amortized over 5 to 10 years and reviewed for impairment when necessary [184]. - Recoverability of assets is measured by comparing carrying amounts to estimated undiscounted future cash flows [184]. - The company does not recognize liabilities for potential losses that are not probable or cannot be reasonably estimated [187]. - The company performs credit evaluation procedures and does not require collateral for financial instruments subject to credit risk [191].

Financial Performance - Total revenue increased by 19.8% to $0.9 million in Q1 2025 compared to Q1 2024[4] - Operating losses decreased by 22.9% to $5.6 million in Q1 2025 compared to Q1 2024[4] - Net loss increased by 2.2% to $6.9 million in Q1 2025 compared to $6.7 million in Q1 2024[11] - Total revenue for Q1 2025 was $934,304, an increase of 19.8% compared to $779,756 in Q1 2024[24] - Product revenue increased to $565,551, up 18.7% from $476,469 in the same period last year[24] - Service revenue rose to $267,304, reflecting a 21.5% increase from $219,871 in Q1 2024[24] - Operating loss for Q1 2025 was $5,586,614, an improvement from a loss of $7,247,375 in Q1 2024[24] - Net loss attributable to Nuvve Holding Corp. common stockholders was $6,873,003, compared to $6,950,908 in Q1 2024[24] Expenses Management - Operating expenses excluding cost of sales reduced by 20.7% to $6.0 million in Q1 2025 compared to Q1 2024[4] - Research and development expenses decreased by 44.4% to $0.9 million in Q1 2025 compared to Q1 2024[9] - Selling, general and administrative expenses decreased by 14.4% to $5.1 million in Q1 2025 compared to Q1 2024[7] Cash Flow and Assets - Cash and restricted cash at the end of Q1 2025 totaled $1,509,577, a decrease from $5,763,031 at the end of Q1 2024[28] - Total assets decreased to $16,477,411 from $16,797,812 at the end of 2024[22] - Total liabilities increased to $19,719,217, up from $18,087,459 at the end of 2024[22] - The company reported a net cash used in operating activities of $1,808,781, significantly improved from $4,724,580 in Q1 2024[28] Growth and Management Outlook - Increased megawatts under management by 3.6% to 31.8 megawatts as of March 31, 2025[4] - Raised approximately $5.3 million in gross proceeds through various financing activities in Q1 2025[4] - Products and services margin increased by 5.8% to 32.6% in Q1 2025 compared to 26.8% in Q1 2024[6] - Management expressed excitement about future business expansion through potential merger and acquisition activities[3] Shareholder Information - The weighted-average shares used in computing net loss per share increased to 1,772,214 from 411,443 in Q1 2024[24]

Financial Performance - For the three months ended March 31, 2025, total revenues decreased by 26% to $1,607,159 from $2,181,203 in the same period in 2024[88]. - Service revenues increased by 28% to $272,598, while license revenues decreased by 44% to $1,098,758, and hardware sales surged by 1236% to $235,803[88][90][91]. - The cost of goods sold decreased by 7% to $279,498, with service costs down by 29% and license fees down by 51%[88][92]. - Selling, general and administrative expenses decreased by 23% to $1,372,524 from $1,782,973 in the corresponding period in 2024[93]. - Research, development, and engineering costs decreased by 2% to $595,775 compared to $607,521 in the same period in 2024[94]. Cash Flow and Financing - Net cash used in operations during the three months ended March 31, 2025, was $835,312[97]. - Net cash provided by financing activities was $3,529,227, primarily from the exercise of warrants totaling $3,813,057[97]. - On January 15, 2025, the company entered into a warrant exercise agreement resulting in gross proceeds of approximately $3.8 million from the exercise of 2,061,112 shares at an exercise price of $1.85 per share[100]. - On September 12, 2024, the company reduced the exercise price of certain warrants to $1.85 per share, generating gross proceeds of approximately $1.9 million from the exercise of 1,030,556 shares[101]. - The company issued a $2,360,000 principal amount senior secured promissory note, resulting in gross proceeds of approximately $1,826,000 after deductions[102]. - As of March 31, 2025, the company had total cash and cash equivalents of $3,133,752, compared to $437,604 at December 31, 2024, and working capital of approximately $1,124,000[105]. - The company requires approximately $812,000 per month to conduct operations, which has not been consistently achieved through revenue generation[105]. - The company has entered into an accounts receivable factoring arrangement, selling a minimum of $150,000 per quarter of accounts receivable on a non-recourse basis[104]. - Negative cash flows related to changes in accounts receivable, accounts payable, and accrued liabilities amounted to approximately $583,000 due to working capital management[103]. - The company may need to obtain additional third-party financing within the next twelve months if sufficient revenue is not generated[106]. Strategic Plans - The company plans to continue expanding its role in the IAM market and expects increased demand for security solutions in government services and highly-regulated industries[80][81]. - The company aims to pursue strategic acquisitions in the IAM space to enhance its market presence and operational synergies[83]. - The company anticipates capital expenditures to be less than $100,000 during the next twelve months[99]. - The company has approximately $3.4 million of inventory reserved for projects in Nigeria and is exploring other markets to generate additional cash[105]. - The company is dependent on the successful commercialization of its technologies and obtaining adequate financing for long-term viability and growth[106].

Financial Performance - The net loss for the three months ended March 31, 2025, was $3,563,238, a decrease of $297,602, or 7.7%, compared to the net loss of $3,860,840 for the same period in 2024[121] - Net loss for the three months ended March 31, 2025, was $3,563,238, an improvement from a net loss of $3,860,840 for the same period in 2024[130] - Other income, net decreased by approximately $63,000, or 35%, for the three months ended March 31, 2025, primarily due to a decrease in interest and dividends[128] Expenses - For the three months ended March 31, 2025, general and administrative expenses decreased by approximately $341,000, or 15%, compared to the same period in 2024[121] - Research and development expenses decreased by approximately $19,000, or 1%, for the three months ended March 31, 2025, primarily due to decreases in preclinical research and consulting expenses[126] - The company anticipates an increase in research and development expenses in fiscal year 2025 due to ongoing clinical trials for PAS-004[127] - The primary use of cash is to fund operating expenses, primarily general and administrative and research and development expenditures[134] Cash Flow and Working Capital - Working capital decreased by approximately $1.7 million from $6,248,444 as of December 31, 2024, to $4,530,046 as of March 31, 2025, primarily due to cash used to fund operations[129] - Cash and cash equivalents decreased by approximately $1.6 million for the three months ended March 31, 2025, compared to a decrease of approximately $4.3 million for the same period in 2024[130] - As of March 31, 2025, the company had approximately $5.3 million in operating bank accounts and money market funds, with a working capital of approximately $4.5 million[132] - The company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to continue operations and execute development plans[132] - Future funding requirements will depend on various factors, including the costs of clinical trials and business development activities, with no committed sources of capital currently available[135] Regulatory and Development Updates - The company received FDA clearance for the Investigational New Drug application for PAS-004 in December 2023[114] - The ongoing FIH Phase 1 Dose Escalation Study of PAS-004 is being conducted at four clinical sites in the United States and three additional sites in Eastern Europe[114] - The company plans to seek marketing approval for PAS-004 in specific patient populations, including adults and pediatric patients with neurofibromatosis type 1-associated plexiform neurofibromas[114] Public Offering and Capital Restrictions - The company completed a public offering on May 7, 2025, raising total gross proceeds of approximately $6.3 million[119] - The calculated public float as of March 31, 2025, is below $75 million, restricting the company from raising more than one-third of its public float through primary public offerings in any twelve-month period[133] Accounting Policies - There were no material changes to the company's critical accounting policies and estimates during the three months ended March 31, 2025[139] - The company has no off-balance sheet arrangements during the periods presented[138]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...